Solana Achieves Record-Breaking Stablecoin Transfer Volume

The stablecoin transfer volume on Solana surpassed $300B in January. This marks the highest transfer volume recorded for stablecoins on the Layer-1 blockchain within a month.

To provide context, Solana's stablecoin volume in January 2023, was ~$11.56B, showcasing remarkable growth of over 2,500% in the past year.

Solana's stablecoin activity has seen consistent growth since October, experiencing an increase of over 650% in recent months. This surge has also elevated Solana's share in the stablecoin market, with the network now owning a 32% market share.

Ethereum leads the stablecoin market, with a transfer volume reaching nearly $317B in January. Trailing behind Solana, the Tron network shows a stablecoin volume of around $240B.

On January 18, Paxos announced the launch of its regulated stablecoin, $USDP, on the Solana network. $USDC remains the dominant stablecoin on the Layer-1 network, showing a market cap exceeding $1B…